Residential | ALLIANCE RESIDENTIAL COMPANY
High-Profile Developer
ALLIANCE RESIDENTIAL COMPANY CATERS TO MILLENNIALS SEEKING HIGH-END LIVING. BY KAT ZEMAN
A
s the millennial generation
moves into its prime spending
years, it is forcing many companies to reexamine how they do
business. When it comes to real estate, the
tech-savvy generation is slower to commit
to purchasing a condo or a home. Freedom
outweighs the burden of ownership.
While reluctant to enter the housing
market, many millennials seek upscale
living space formerly associated solely with
condos or homeownership. Since marriage
and children are being postponed, they can
afford to rent a plush apartment.
"They have a good income and they want
high-end amenities but they don't want
to be tied down so renting by choice is appealing," says Mike D'Andrea, senior project
executive at Alliance Residential Company.
"They want a state-of-the-art workout
facility with the best equipment and they
are looking for highly amenitized common
areas. We give that to them."
Phoenix-based Alliance Residential is one
of the largest multifamily developers and
seventh-largest multifamily manager in the
nation. It is the developer of the high-profile
Broadstone brand of luxury apartment communities, known for their premier locations,
high-end finishes and amenities.
The company is building two major
luxury apartment complexes in Arizona:
Broadstone Roosevelt Row and Broadstone
Alliance Residential Company
www.allresco.com
* Revenue: $241 million
* Employees: 1,500
* Specia y: Mu ifamily eal estate
"What eparates Alliance from
our competition is our people. Few
companies have e kill ets to
get ese types of projects closed
and uccessfully executed."
- Mike D'Andrea, enior project executive
102
CONSTRUCTION-TODAY.COM JUNE 2017
» Alliance Residential is the developer of the high-profile Broadstone brand of luxury apartment communities.
Lakeside. Due to an antiquated view of
apartment complexes, Alliance Residential
experienced some bumps in the road.
"One of the challenges was neighborhood opposition to rental products. People
sometimes have the notion that apartments
attract transients and/or low-rent clients,"
D'Andrea says. "But our communities are
for young professionals and empty-nesters
looking for Class A locations. They're getting
high-end units and a good demographic of
people paying top dollar to be there."
Broadstone Roosevelt Row
One of Alliance Residential's largest multifamily housing projects, a 316-unit luxury
apartment complex, is under construction
in the Roosevelt Row Arts District in the urban core of downtown Phoenix, nationally
known for its arts and cultural events. The
$62 million project has two phases, with the
first slated for completion in fall 2017 and
the second in spring 2018.
"This project is a robust, high-profile
deal," D'Andrea says. "It's within walking